China's economy expands 11.5% in Q3

China's economy, the biggest contributor to global growth, grew 11.5% in the third quarter, adding pressure for faster currency appreciation and higher borrowing costs to curb inflation and asset bubbles, according to a report on the website of Bloomberg.

The government also confirmed today that inflation cooled in September to 6.2% from an almost 11-year high of 6.5% in the previous month after food-price gains slowed.

Inflation is still more than double the central bank's annual target of 3% and higher than the key one-year deposit rate of 3.87%, the report said.

The trade surplus surged 69% in the first nine months to $185.7 billion, topping the record total for all of 2006.